I keep seeing people equating mstr and ftx ... I think it's more like gBTC (grayscale) with a little leverage and a cash pile to pay debt
They have 850k + BTC, they don't go away or explode overnight. This isn't ftx rehypothecating.
So I think the fall in strc takes away saylors latest venture for acquiring more BTC, they probably have to eat at their cash for a while to pay dividends, there's nothing to implode yet tho ...
If BTC stays down here or lower for 2-3 years then maybe
Otherwise... Just like grayscale, they'll continue to exist even if they're not the focus